P-04-491 A National Bank of Wales and complementary Welsh currency

We call on the National Assembly for Wales to
urge the Welsh Government to help establish a National Bank of
Wales / Banc Cenedlaethol Cymru that would seek to operate within a
new modern, responsible, sustainable and transparent Welsh banking
code of conduct. We also call for a complementary Welsh currency to
be established by the bank: similar to the C3 complementary
currency in Uruguay and the Swiss WIR, and issued to interested
SME’s, the self-employed, industry, farmers and
traders.

We believe that in the face of the global economic mismanagement
seen in recent years especially, the Welsh Government needs to show
economic accountability and leadership by encouraging and promoting
debt free money in the public and state creation of money and by
promoting currency innovation and sustainable banking as promoted
by movements such as Positive Money. We believe that a Bank of
Wales would be a perfect opportunity for Wales to demonstrate such
economic innovation and leadership in the world.

An independent transparent Welsh Monetary Committee containing a
mixture of non-politically affiliated experts and a citizen
observer panel could act as an advisory body between the bank and
the Welsh government on all relevant matters.